Tracking Organization Finances
Each organization is recommended to keep track of all expenditures, reimbursements, and revenue (dues, fundraising, ticket sales, etc.) no matter what account and how the organization is funded.
There are several types of accounts that organizations can manage depending on their status within the University, type of allocation, donation, or sponsorship.
Student Organization Oracle Accounts
Each student organization has a unique university account referred to as an Oracle account. This is not a bank account, but a part of the university’s financial system. Therefore all payments made from these Oracle accounts come from the university and all checks for deposit must be made out to Carnegie Mellon University.
All organizations that receive monies (JFC-allocated, special allocation, departmental funds, corporate sponsorships, etc.) must access those funds through the Oracle account. Oracle accounts offer organizations the following benefits:
Tax-exempt status for purchases made directly from your Oracle account.
- Ease of purchasing goods and services from campus vendors (Computer Store, Catering, Bookstore, Printing and Mailing, etc.).
- Ability to pay/receive money from other student organizations or university departments.
- Historical record-keeping of purchases and deposits.
- Security of funds.
In addition to a student srganization Oracle account, each organization has a Gift account in which the organization may receive donations from outside donors. Donations can be made through the university’s on-line donation website, Giving to CMU, or by depositing donations directly into the Gift account through the SLICE Office and the deposit process.
Organizations are able to solicit funds to support their events and initiatives from corporations. Depending on the type/level of sponsorship or how the corporation benefits from the sponsorship will determine whether the money is desposited into the Sponsorship or Gift Account.
Outside Bank Account
To protect the interests of student organizations and the university, no student government recognized student organization is permitted to hold an off-campus bank account or an organizational Paypal or Venmo account. Also, students are not allowed to use any application that requires money to be processed through a bank account.
As they maintain external recognition through the U.S. Internal Revenue Service Greek chapters are considered exempt from this policy.
Accessing Your Finance Transactions on The Bridge
Each organization has a Finance Accounts page on their organization Bridgepage. It shows your balance and all your financial transactions for each account.
Managing Your Budget